|
|
Member States should be allowed the option to exempt micro entities from the accounting requirements, Commissioner McCreevy proposed.
Based on the findings of the Stoiber group that found that there could be an immediate saving of €5.7billion, if micro entities were exempted from the accounting framework and no longer had to prepare annual accounts, the Commissioner said that “the time has now come to overhaul the Accounting Directives”.
The Accounting Directives already allow Member States to exempt certain types of companies from the requirements. “With the move to IFRS for listed companies, the Accounting Directives have become less relevant”, McCreevy said.